Minimum Wage Debate
The minimum wage debate is a hot topic in political arenas. Politicians are passionate on both sides and quick to point out reasons why. People in favor of raising the minimum wage point how doing so would improve the quality of life of America’s lowest wage earners. While people opposing raising the minimum wage point out that the evidence suggest that doing so would likely stifle job growth. There are valid points to consider on both sides.
The pros of raising the minimum wage would be to improve the quality of life for those low wage earners. Most people making minimum wage can’t afford to make a living off of their pay checks alone. According to an article in The Economist, titled The Logical Floor, it states that politicians on both sides are warming to the idea that the lowest-paid can be helped by mandating higher wages. By giving the lowest- paid wage earners a raise it would enable them to spend more money and boost our economy as well. The same article points out that moderate increases do more good than harm to the economy. So, why then aren’t more American’s behind
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If business reduce their labor force due to the increase in salary cost then it adds to the already high unemployment/underemployment rate. Americans cannot afford to have more unemployed people in our communities. Another possible con would be if a high increase in minimum wage causes an increase in the cost of goods and services. While workers may earn more they may also have to spend more and their quality of life may not actually improve. In the article The Logical Floor, it states that in Britian, it is (the minimum wage), adjusted annually on the advice of economist and is generally increased gradually. If this had been done in the United States maybe we wouldn’t be having such heated debates with such costly consequences